Natural gas shipper eyes Puerto Rico for new port

Excelerate Energy L.P. says it has an agreement with Puerto Rico's electric power authority to supply the Aguirre Power Plant from a floating port to be located about four miles (six kilometers) off the island's southern coast.

The Woodlands, Texas-based company said in a statement Thursday that construction is expected to start in the third quarter of 2013. The Aguirre GasPort would be in operation in May 2014.

Puerto Rico relies on oil for most of its power but the island of 3.7 million people has been seeking to increase the use of less expensive natural gas.